Categorized | Norwalk Connecticut

Norwalk Connecticut Real Estate Market Report

paulhughesNorwalk is a truly unique market in lower Fairfield County. A city by virtue of its size, it remains a community of diverse residential neighborhoods that go by names like Silvermine, Cranberry, Rowayton, and SoNo, each possessing a unique “flavor” and charm for its residents.
Of particular appeal is the fact that Norwalk is the most affordable market for comparable single-family homes and condos in lower Fairfield County. And, unlike the upscale towns of Darien, Westport and Wilton that on its borders, one can buy their first home on a smaller budget and graduate over time to more expensive middle and upper-middle class homes, then all the way to some of the most expensive luxury waterfront properties in Fairfield County.
Norwalk has also enjoyed a renaissance influx of businesses that have strengthened its tax base. Large firms like GE Capital, Diageo, Virgin Atlantic Airways, and Xerox have relocated to Norwalk in recent years and bolstered its tax revenue base.
Norwalk has been one of the better performers in a Fairfield County real estate market that has not seen the double-digit decline in median sales prices of single-family homes and condos that characterize most of the rest of the country.
While the overall volume of activity has dropped sharply in Norwalk, prices have held up extremely well. The number of single-family homes sold this year to date is down 35 per cent over the same period last year. But median sale prices are down just 4.6 per cent – from $549,500 to $524,000.
Condo sales have declined by 39 per cent. But median sale prices have dropped by just 3.1 per cent – from  $325,000 during the first three quarters of 2007 to $315,000 during the same period this year.
It will be interesting to see how Norwalk fares when sales data is available in the wake of the recent economic crisis and its impact on the real estate market.
Paul Hughes-Prudential CT Realty, Norwalk, CT 06851

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